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Forex News: Dollar Mixed After U.S. Nonfarm Payrolls Data

Dollar Mixed After U.S. Nonfarm Payrolls Data

02/01/2019 - 09:37:00 (RTTNews)

(RTTNews) - The U.S. dollar turned mixed against its key counterparts in the European session on Friday, following the release of mixed U.S jobs data for January, which showed much higher than expected job growth last month, while the jobless rate ticked up.

Data from the Labor Department showed that the U.S. employment jumped much more than expected in the month of January, although it showed a substantial downward revision to the pace of job growth in December.

The Labor Department said non-farm payroll employment surged up by 304,000 jobs in January compared to economist estimates for an increase of about 165,000 jobs.

But the previous month's jobs growth was downwardly revised to 222,000 jobs from the initially reported 312,000 jobs.

The unemployment rate unexpectedly inched up to 4.0 percent in January from 3.9 percent in December. Economists had expected the unemployment rate to be unchanged.

Traders await ISM manufacturing PMI, construction spending and University of Michigan's consumer sentiment due shortly for directional clues.

The two-day U.S.-China trade talks ended on a positive note and suggested that U.S. delegation will visit China in mid-February for a new round of trade talks.

While China promised to "substantially" expand purchases of U.S. goods, U.S. President Donald Trump said the trade dispute would hopefully be resolved before the March 1 deadline.

The currency rose against its major counterparts in the Asian session, with the exception of the euro.

The greenback advanced to a 2-day high of 109.08 against the yen, from a low of 108.72 touched at 8:45 pm ET. The greenback is seen finding resistance around the 111.00 level.

The latest survey from Nikkei showed that Japan's manufacturing sector continued to expand in January, albeit at a slower pace, with a manufacturing PMI score of 50.3.

That's down from 52.6 in December, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The greenback fell to 1.1486 against the euro, after rising to a 2-day high of 1.1434 at 12:30 am ET. Next key support for the greenback is likely seen around the 1.16 region.

Survey data from IHS Markit showed that Eurozone manufacturing sector moved closer to stagnation in January amid a modest gain in output and a sharp fall in new orders.

The final Eurozone manufacturing Purchasing Managers' Index dropped to 50.5, in line with the flash estimate, from 51.4 in December. A PMI reading above 50 suggests growth in the factory sector.

The U.S. currency held steady against the pound, after having climbed to an 8-day high of 1.3043 at 5:00 am ET. The pair finished Thursday's trading at 1.3106.

Survey data from IHS Markit showed that UK manufacturing growth slowed more-than-expected in January to its lowest level in three months.

The IHS Markit/CIPS Purchasing Managers' Index for manufacturing fell to 52.8 from 54.2 in December. Economists had forecast a score of 53.5.

Although the greenback briefly spiked up against the franc immediately after the data, it retreated in a short while and was trading at 0.9938. The currency had set a 2-day high of 0.9958 at 2:00 am ET. At yesterday's close, the pair was worth 0.9941.

The U.S. construction spending for December, ISM manufacturing index and University of Michigan's final consumer sentiment index for January are scheduled for release shortly.

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